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Agrimarketing : October 2008
EMPLOYEE TURNOVER The Scoop on Recruiting W hile many would argue that a little turnover within an orga- nization is sometimes good to weed out lower level talent, gener- ally employee turnover is associated with cost. Often times the entire cost of employee turnover isn’t even fac- tored in when looking at metrics. Typical cost of employee turnover figures are based on the measurable direct costs, such as administration fees, separation costs (vacation, sev- erance, etc.), recruitment costs, selec- tion and hiring costs, and orientation and training. What organizations for- get to factor into the equation is the indirect costs of turnover. These can range from loss in productivity, co- worker’s time, manager’s time, oper- ating errors and loss of client satisfac- tion for example. WHAT CAN BE DONE? There are a couple of things that can directly impact employee turnover — hiring the “right” people and keeping them engaged within the organization. Hiring Right According to recent AgCareers.com research, making a “bad” hire (some- one that doesn’t stay beyond a year) for a mid-level position can be a cost of nearly $50,000. Afew quick tips to “hire” right: • Look within your organization first and promote upwards to more senior level positions, leaving the typically easier to fill and lower cost investment positions open. • Use internship programs as a way to test drive potential candidates. Internships can be a great resource for recruiting and provides students with meaningful work experience. Upcoming AgCareers.com EVENTS Deliver Effective Performance Reviews November 7, 2008 Webinar Visitwww.AgCareers.com for details 16 AgriMarketing ¦ October 2008 • Write a job description that accu- rately depicts the needs and skills that you are searching for. Through the recruitment process be genuine and honest about your needs and don’t “sell” your organization and the job falsely just to fill the posi- tion. Remember there is a large cost associated with a bad hire! • Don’t be afraid to re-post a position if you aren’t finding the talent you are seeking the first go around — sometimes a little patience pays off. • Do a great job on-boarding your new hires. Opinions form quickly and first impressions last a lifetime. Retention At the AgCareers.com Roundtable this past August, guest presenter, Suzan Knese of Osborn & Barr Communications, shared the follow- ing, “Good retention doesn’t just happen. It is the result of planning and forethought and careful atten- tion to what matters most to the peo- ple who work for you.” Most general studies show that working conditions, development opportunities, and recognition are all large contributors to employee engagement/retention. Interestingly, salary is very rarely listed as a top rea- son. Now that doesn’t mean it is okay to offer a non-competitive salary. Factors that lead to retention dif- fer from person to person and place to place. One easy way to gain insight into what motivates your staff are employee satisfaction and assessment surveys. One point of caution — if you ask for feedback be prepared to act on legitimate feed- back. One of the easiest ways to demotivate your staff is to not take suggestions seriously. Use the information gathered to develop a retention plan — maybe working conditions need to be improved. Determine what can be done, outline a plan of attack and timeline and communicate your plans back to your staff. For more information contact AgCareers.com at agcareers@ agcareers.com. AM How Do You Measure Up? Find out with the Compensation Benchmark Review (CBR)! The CBR is an innovative, online product that provides meaningful compensation data ???????????????????????????????? agribusiness industry. Why Should You Participate? The CBR is a cost effective tool that can provide your organization with a competitive advantage – use the information gained to set you apart from your competition. Contact AgCareers.com to get started. Phone: 800.929.8975 E-mail: firstname.lastname@example.org Website: www.AgCareers.com A member of the Farms.com Family
November December 2008